Toronto's Average Sale Price Is 'Bouncing Along The Bottom'

By: Thomas Cook

Toronto's Average Sale Price Is 'Bouncing Along The Bottom'

Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our November 2022 Toronto real estate market report.
The November average sale price continued the trend we’ve seen for the last five months.
Let’s review some of the Toronto Real Estate Board statistics and see what’s happened.
The last time November sales numbers came in this low (4,544 sales of houses and condos across the GTA), towards the end of the fall market was all the way back in 2008, 14 years ago, when we got hit with that big recession and US bank meltdown.  This was 49.5% below November sales in 2021.
Condo townhouse and high-rise suite sales mirrored that of the overall market and were lower by 54% from last year.  Overall, 1,660 units were sold in the month and the lowest since 2008.
The November 2022 average sale price for all GTA homes came in at $1,079,395… a negative 7.2% decline compared to one year ago.  If you compare this November to November 2020, two years ago, the average sale price is still up a respectable 13%.
The active listing inventory is one of the strongest indicators of how slow or fast the market has been moving.  The ‘active listing’ inventory for the month of November was the lowest since March.  This is 15% below the average November listings numbers over the past 12 years.
The sales-to-listings OR percent-chance-of-selling ratio is how we determine what type of market we’re actually in.  24-28% is a neutral market, below 24% is a buyer’s market and above 28% is a seller’s market.
With the market continuing to shift, the November ratio dropped slightly to 38.2% indicating a trend towards a softening of our mild sellers’ market.
The overall days-on-market average for GTA / Toronto homes was 1 day slower at 22 days.
Here’s a snapshot summary of the significant real estate milestones for Toronto in November 2022 as summer ends and we hit the middle of the fall market.

The problem has been that, even though what they’d buy is less expensive than it was, sellers are reluctant to put their homes on the market to move up because they may have a very low mortgage interest rate currently.  That problem is not going away soon unfortunately. sad

Thomas Cook

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